Some patterns are still in progress from a prior trading alerts post.
CAD Under Broad Pressure
I mentioned this pattern in an earlier post, where USDCAD completed a head and shoulders bottom pattern breakout. In the following days, the price pulled-back to retest the neckline of the pattern before getting rejected. The technical position remains positive so far.
CADJPY has also completed a bearish head and shoulders formation. I look for a minimum downside target at 80.60/50 support.
Another head and shoulders bottom could be in the making. We need a breakout above 1.5220 to confirm the pattern.
NZDCAD is testing the main falling trend line in addition to the horizontal resistance of a possible head and shoulders bottom. A breakout would suggest an initial target at 0.9515.
USDJPY In Bearish Position
The price has taken a key short to medium support barriers at 110.20/30, the 50 days simple moving average and to the rising trend line for an ascending broadening wedge formation. 108.50 is the next possible target.
EURCHF Bearish Continuation Formation
Looks like the pair is consolidating following a the main rising trend line breakout. The consolidation could be forming within a descending triangle. Bearish resumption might be confirmed on a break below the recent lows and triangle support around 1.1185.
BTCUSD Consolidation About to End?
BTCUSD has been trading sideways in the past few months following the earlier bearish leg. The consolidation is approaching the main falling trend line for the overall decline and could be ending soon. On a break below the consolidation rising support, next target at 1,760. However, note that if the price manages to take 4,240 resistance we may see a push towards 6,000 before any decline.
Trading alerts are meant to alert traders for completed and potential patterns as they develop. In addition to key support and resistance levels being tested. These alerts should be considered a heads-up and only as guidelines, not a buy or sell signal.